Required information [The following information applies to the questions displayed below.] The partnership of Ace, Jack,...

Transcribed Image Text:

Required information [The following information applies to the questions displayed below.] The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5: Ace, Capital Jack, Capital $151,800 201,900 Spade, Capital 121,700 The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spade's withdrawal under each of the following independent situations. b. Jack acquired Spade's capital interest for $151,400 in a personal transaction. Partnership assets were not revalued, and partnership goodwill applicable to the entire business was recognized by the partnership. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No A Event 1 Goodwill Ace, Capital Jack, Capital Spade, Capital B 2 Spade, Capital Jack, Capital Answer is not complete. General Journal Debit Credit 60,200 151,400 151,400 Required information [The following information applies to the questions displayed below.] The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5: Ace, Capital Jack, Capital $151,800 201,900 Spade, Capital 121,700 The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spade's withdrawal under each of the following independent situations. b. Jack acquired Spade's capital interest for $151,400 in a personal transaction. Partnership assets were not revalued, and partnership goodwill applicable to the entire business was recognized by the partnership. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No A Event 1 Goodwill Ace, Capital Jack, Capital Spade, Capital B 2 Spade, Capital Jack, Capital Answer is not complete. General Journal Debit Credit 60,200 151,400 151,400